STATE OF THE MARKET

It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.

The National Association of REALTORS® recently reported that national existing home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.

“February’s data is in line with what we have come to expect as our market shifts,” Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park, said. “Even though closed sales are down, median sales prices ticked up and both inventory and days on market declined, showing that, as we enter the spring market, buyers on the hunt are eager to take advantage of lower interest rates and serious once they find their desired home.”

INVENTORY

City of Chicago inventory is down 1.7 percent, from 7,950 homes in February 2018 to 7,815 homes in February 2019.

The month’s supply of inventory remained the same, with an average of 3.4 in February 2019 and February 2018.